This Data Dispatch is updated monthly. The analysis includes publicly traded real estate investment trusts covered by S&P Global Market Intelligence that are based in the US or Canada and trade on the NYSE, Nasdaq, NYSE American, Toronto Stock Exchange or TSX Venture Exchange.

Ten publicly traded real estate investment trusts based in the US declared increases to their regular dividend payments in November.

This boosted the number of US real estate investment trusts (REITs) that announced higher dividends in the first 11 months of 2024 to 71, according to data compiled by S&P Global Market Intelligence.

In Canada, four REITs raised their monthly distributions during the same month, bringing the year-to-date total for Canadian REITs that have announced higher dividends to 11.

Veris Residential ups dividend for 3rd time

Multifamily-focused Veris Residential Inc. announced the biggest dividend hike in November, boosting its quarterly cash payout by 14.3% to 8 cents per share on Nov. 13.

Prior to the recent increase, the multifamily REIT announced significant dividend hikes for two consecutive quarters, increasing its dividends by 14.3% in May and by 16.7% in August.

Healthcare REIT Strawberry Fields REIT Inc. declared the second-largest increase for the past month at 7.7% to 14 cents per share on Nov. 7.

Shopping center landlord Regency Centers Corp. followed, upping its dividend by 5.2% to 70.5 cents per share on Nov. 5.

"Following another strong quarter of exceptional operating results, we are pleased to announce a 5.2% increase to our quarterly common stock dividend, marking our 11th consecutive year of increases," said Regency Centers President and CEO Lisa Palmer.

Seven other REITs announced higher dividends in November, including hotel landlord Ryman Hospitality Properties Inc. with a 4.5% increase and industrial REIT LXP Industrial Trust with a 3.8% hike. Single tenant-focused Four Corners Property Trust upped its dividend by 2.9%, regional mall landlord Simon Property Group Inc. by 2.4%, self-storage REIT National Storage Affiliates Trust by 1.8%, industrial-focused Modiv Industrial Inc. by 1.7% and healthcare REIT Universal Health Realty Income Trust by 0.7%.

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In Canada, multifamily REIT InterRent REIT boosted its regular monthly distribution by 5.1% to 3.31 Canadian cents per unit on Nov. 18 from 3.15 cents per unit announced in October.

Three other multifamily REITs in Canada also increased their cash distributions in November: Minto Apartment REIT by 3.0%, Killam Apartment REIT by 2.9% and Morguard North American Residential REIT by 2.7%.

More than 70% of retail, industrial US REITs increase dividends

The most recent dividend hike announcements brought the year-to-date total to 71 for the US, or 44.9% of the entire US REIT industry.

Roughly 77.8% of retail REITs announced higher dividend payments since the beginning of the year, the highest proportion of any property sector.

Industrial-focused REITs ranked second at about 76.9% of the sector, representing 10 dividend hikes year to date. The residential segment followed, accounting for 63.2% of REITs raising their dividends so far in the year.

Of the 11 Canadian REITs that have declared dividend hikes so far, nine were from the residential sector and two were from the retail sector.